Cairo – Mubasher: Arabian Cement Co. reported an 85% year-on-year profit drop during the first nine months of 2019, according to the company's consolidated financial statement. 

Net profits plummeted to EGP 32.9 million in the January-September period, compared to EGP 214.8 million in the prior-year period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

As for standalone business, the cement producer logged a net profit of EGP 32.58 million in the nine-month period ended 30 September, down from EGP 215.1 million in the corresponding period a year earlier.

It is worth mentioning that during the first half of 2019, Arabian Cement Co’s net profit dipped to EGP 25.3 million from EGP 212.76 million in H1-18, including minority shareholders’ rights.